adminSocial Security Authority raising its shareholding in FBCH to 35 percent.
NSSA presently owns 22 percent in FBCH and 40 percent in FBC Building Society while 60 percent is owned by FBCH.
In a statement, the financial services group said the transaction would boost the capital position of FBCH’s banking operations in compliance with the Reserve Bank of Zimbabwe minimum capital thresholds.
Commercial banks will be required to have a minimum capital base of US$50 million by end of this month while building societies will be required to have US$40 million.
Under the proposed transaction, NSSA would swap its 40 percent shareholding in FBCBS for shares in FBC Holdings.
The share swap represents 13,53 percent of FBCH prior to the share swap and 11,92 percent post the share swap.
An extra-ordinary general meeting to seek approval will be held on June 27.
Online Reporter